KW

SN24 Quasar 发布了论文《Quasar Attention》，论证了其长上下文AI模型机制与实测效果。 从论文来看，现有的长上下文机制虽然快，但不稳定、容易遗忘、检索差，训练到百万 token 级别基本崩盘。 而 Quasar Attention 从数学原理上重构记忆动态，让 AI 同时记住局部细节和全局大意，知道该忘什么、该记什么，从而解决业界公认的“长上下文不稳定”难题。 实测成绩很出众，模型已经开源，非常有含金量。昨晚发布后社区也很给力，目前 SN24 的 emission 快速上升到了1.82%，alpha也快速拉升。 接下来，SN24的目标是将模型做到 220 亿参数，真正把“百万 token 上下文”变成现实产品。SN4为SN24的长上下文模型训练提供计算，这两个这几天涨得都很不错。 看到子网生态越来越好，对 $TAO 更有信心了。

Today we filed the initial S-1 for Grayscale HYPE ETF (ticker: $GHYP) with the @SECGov. Read the S-1: sec.gov/Archives/edgar…

Hyperliquid in WSJ print (again)

Huge congratulations to TradeXYZ and S&P for this historic partnership. I'm honored that these teams choose to build on Hyperliquid. Seeing official S&P500 perpetual futures launch exclusively on Hyperliquid is a validation of everyone's past years of hard work: global access to decentralized finance, perpetual futures as 24/7 price discovery, and Hyperliquid upgrading the existing financial stack to house all of finance. The S&P500 is synonymous with "the market," a single number that captures the essence of the largest economy in the world. Looking forward to tracking the world's most important financial gauge 24/7 on the most liquid permissionless markets.

The owner of the S&P 500 index is licensing the world’s most tracked stock index for the launch of a derivative contract that trades around the clock on the crypto exchange Hyperliquid on.wsj.com/4bezxK0

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid. For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes. The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale.  SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain. Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

Threadguy on HIP-3 "This innovation will probably go down as one of the most important things that's ever happened in crypto. The fact that I can sell a Bitcoin long into USDC, into a Palantir long, into a crude oil long is sorcery."

HIP-3 is proving to be quite sticky. HIP-3 perps market retention rate is >60% even 3 months post-onboarding. This is extremely high for a trading application and even high for consumer fintech apps in general As you can see in the chart, there is a drastic difference between the 3-month cohort retention for HIP-3 markets (~64%) and crypto perps (~27%) There are likely a lot of reasons for this. Some that come to mind: - Traditional assets more pleasant to trade than crypto which suffers from extreme volatility, market manipulation, and scam tokens - Perps are a far better way to express leverage than short-term options for most traders, yet they are a novel instrument not currently offered elsewhere (with real adoption) on equities, commodities, etc. - Macro and flows are always in flux. One day you want to trade silver, the next day you might want to trade oil. HIP-3 allows traders to access all markets on one unified platform - Hyperliquid trading UI is far superior to that of legacy platforms. Not even just for perps, but as a trading terminal in general. This is a new experience for non-crypto natives who are onboarded via HIP-3 User stickiness is one of the most important metrics for any business, and even more so when dealing with a platform that experiences such massive network effects. I expect to see continued onboarding (and retention) of users to Hyperliquid via HIP-3 markets, resulting in deeper liquidity, more tradable markets, and continued UX improvement via features like BLP and portfolio margin The house of all finance cc @0xren_cf @ryohhno for this great data Hyperliquid

如果一个人很有潜力，毕业于不错的学校，或者本身非常有才华，想去创造一些真正有价值的东西 — — 在今天，我认为很多这样的人甚至都不会认真考虑进入币圈。 但我认为这种看法完全是错误的。这根本不是这个行业真正的潜力所在。我用实际成果作为反馈和示范。 HYPELIQUID jeff

Pump up the jam! $HYPE = $150

A wallet closed a $5 million short position in the market, causing $HYPE to surge by more than 0.5% against the spot price

Total Hyperliquid Victory

🚨🚨🚨 Hyperliquid TWAP Alert 🚨🚨🚨 🟢 Buy $10,168,791 $HYPE Size: 267,758.31 | Duration: 180 min 👤 PnL: -$9.6M | Perp PnL: -$8.6M | Volume: $2,467M 🔗 hypurrscan.io/address/0xe7ec…

TWAPs HYPE buy pressure loading tf up rn 🔥 Next 1h: +$5.9M Next 24h: +$11.8M That's quiet whale/institutional accumulation cooking—spread buys so it doesn't moon too fast but stacks real demand on $HYPE. Fees printing → Assistance Fund dumping into buybacks → supply squeeze incoming. Still sleeping on this? 😼 #Hyperliquid $HYPE

A blockchain called Hyperliquid saw daily trading volume for a popular oil contract reach a high of nearly $1.7 billion, which is nearly 250 times more volume than the contract saw right before the U.S. and Israel started bombing Iran in late February. bit.ly/4saNe2J

Hyperliquid stablecoin supply reaches $880M

First Bloomberg, now the WSJ. The world is starting to take notice Perps are a true 0->1 upgrade to the financial stack and Hyperliquid is the pioneering the innovation & adoption of perps on all assets HIP3 now represents 40% of HL volume Hyperliquid wsj.com/finance/commod…

NEW: WALL STREET JOURNAL REPORTS ON 24/7 OIL FUTURES ON HYPERLIQUID SOURCE: wsj.com/finance/commod…

Over the past 2 weeks, RWA trading on Hyperliquid has repeatedly broken records, surpassing $1.3B in open interest and $1.4B in weekend volume. When traditional markets are closed, Hyperliquid is the premier venue for 24/7 price discovery on oil, metals, indices, and other essential assets. This is an important step towards housing all of finance.

Perp DEX @HyperliquidX 表示，最近兩週他們平台上的 RWA交易一直在破紀錄，目前未平倉金額已經超過 13 億美元，週末交易量也突破 14 億美元。 當傳統金融市場在週末關閉時，Hyperliquid 反而成為市場進行 24 小時價格更新的交易所，交易標的包含 石油、金屬、股價指數等資產。 傳統市場休市時，多數投資人會到鏈上交易這些資產的價格。代表越來越多金融資產開始在區塊鏈上交易，也是在往「把所有金融都搬到鏈上」的方向 ⚠️Coinbase Ventures 將此稱為「萬物 perp 化」，預測2026年將成為主導敘事。Bitwise CIO 則預測，鏈上金融將提前爆發，RWA市場規模已達236億美元，增長66%。